Shareholders Overwhelmingly Approve Community Bank Merger
The holding companies for Community Bank and a Wheeling, W.Va.-based bank announced this week more than 99 percent their shareholders voted in favor of the pending merger.
CB Financial Services Inc. and First West Virginia Bancorp Inc., the holding company for Progressive Bank N.A., expect to complete the merger around April 30. Approval hinges on completing closing conditions.
Carmichaels-based CB Financial announced the merger agreement in November in a cash and stock transaction valued at about $49 million. CB Financial is preparing to move into a new corporate center in North Franklin Township this summer.
In a related development, CB Financial recently appointed Michael Moore vice president and commercial relationship officer in the Ohio Valley.